FY2002 BEDI Funding Announcements - Utah

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Utah

Orem will receive $500,000 of BEDI funds and $3 million in Section 108 loan funds to create a business loan fund. The loan fund will be used in conjunction with private developer investments to make it economically feasible to redevelop blighted commercial and industrial areas within the City. The Section 108 funds will be used to assist existing businesses and attract new businesses to the City. The BEDI funds will be used in conjunction with the Section 108 loan funds in a ratio of one dollar for every six dollars of 108 funds. In addition to these funds, the City of Orem has committed $125,000 of in-kind services to the project. The City anticipates that a minimum of 175 jobs will be created through the loan fund, with total project costs of $3,825,000.